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Malaysia : BUMI ARMADA to lease 6 marine vessels to LUKOIL-NIZHNEVOLZHSKNEFT
Publish Date : 04-Dec-2013
Six marine vessels would be leased by the Bumi Armada Bhd to Russia-based oil and gas (OG) firm Lukoil-Nizhnevolzhskneft.
This charter contracts is estimated to cost US$280 million (RM903 million).
Lukoil-Nizhnevolzhsknefs OG operations would be backed up from the vessels within the Filanovsky field at the Caspian Sea.
The Bumi Armada-Lukoil-Nizhnevolzhskneft deal comes in two segments. The first involves three charter contracts comprising two new support vessels and a new multi-purpose duty-rescue entity.
The "Ice-Class" contracts features a collective value of USD262 million (RM844 million). This is for a fixed 10-year charter.
It is expected that these vessels are due for delivery in November 2015.
As per Bumi Armada,"Each of the Ice-Class contracts is for a fixed period of ten (10) years with the possibility of further extensions of up to another 20 years (extension options). The "Ice-Class" contracts and the interim contracts , with and without the exercise of the extension options, are expected to contribute positively to the revenue and earnings of Bumi Armada group for the financial year ending 31 December 2014 and the financial periods thereafter for the duration of the contracts".
The interim contracts has also been ratified by the Bumi Armada and Lukoil-Nizhnevolzhskneft. These involve two support vessels and one rescue unit.
The interim contracts is estimated to cost US$18 million (RM59 million).
It has been planned that the vessels under the interim deal are scheduled for delivery in November 2014 pending delivery of the Ice-Class entities.
